Health Care Inflation Threatening Retirement Security

>> I THINK WE WILL BE TALKING

ABOUT TWITTER FOR A LONG TIME,

BUT THANK YOU FOR BEING WITH US

ON DAY 2.

>>> HEALTHCARE COSTS ARE SKYROCKETING, SO YOU MAY NEED

SKYROCKETING, SO YOU MAY NEED TO ADJUST YOUR BUDGET.>>

TO ADJUST YOUR BUDGET.>>WHEN

TO ADJUST YOUR BUDGET.>>WHEN

SHE TURNED 50 SHE HIT THE GYM.

>> I WANT TO BE ACTIVE FOR AS

MANY YEARS AS POSSIBLE.

>> WHAT WORRIES YOU THE MOST

ABOUT HEALTHCARE COST?

>> YOU HAVE TO PRIORITIZE

RELIVING EXPENSE VERSUS

HEALTHCARE.

>> SHE IS IN GOOD COMPANY HERE.

THE MEMBERS ARE WORKING ON

STAYING HEALTHY BUT WORRY ABOUT THE FUTURE.

THE FUTURE. >>

>>HOW WILL I BE ABLE TO PAY

>>HOW WILL I BE ABLE TO PAY

FOR THE CARE THAT I NEED?

>> THE PREMIUM FOR THE 65 AND

OLDER INCREASED NEARLY 15% THIS

YEAR.

ALMOST DOUBLE THE PACE OF

INFLATION.

IF THEY REMAIN THIS HIGH OVER

THE NEXT TWO YEARS A HEALTHY 55

YOUNG COUPLE RETIRING AT 65 IS

FACING AN ADDITIONAL $267,000

IN MEDICAL EXPENSES.

TOTAL HEALTHCARE COST FOR THE

SAME COUPLE COULD EXCEED $1

MILLION.

THAT IS NEARLY AS MUCH MONEY AS

THEY CAN EXPECT TO RECEIVE IN SOCIAL SECURITY BENEFITS DURING

SOCIAL SECURITY BENEFITS DURING

THEIR LIFETIME.

>> WHEN YOU LOOK AT YOUR SOCIAL

SECURITY CHECK YOU ARE PAYING

FOR HEALTHCARE.

>> REGULAR EXERCISE MAY KEEP

YOU HEALTHY, BUT THESE COSTS

KEEP GOING UP.

IF YOU ARE WORRIED ABOUT RISING

MEDICAL EXPENSES FINANCIAL

EXPERTS SAY THE FIRST THING YOU

SHOULD DO IS UNDERSTAND WHAT

THEIR HEALTH INSURANCE WILL AND

WON'T COVER.

>> WE REALLY NEED TO LOOK AT

THE COVERAGE AND THOSE TYPES OF

PLANS TO DETERMINE WHAT MAKES

THE MOST SENSE.>> SHE HAS BEEN

TEACHING THIS CLASS FOR OVER A

DECADE.

>> I AM HERE TO HELP THEM NOT

HAVE MEDICAL COSTS. I AM HERE

TO MAKE THEM FEEL BETTER. >> STAYING HEALTHY ALSO

>> STAYING HEALTHY ALSO

REQUIRES PLANNING AHEAD.

>> SHARON JOINS ME LIVE NOW.

THEY ARE RAISING NEARLY TWICE

AS FAST AS INFLATION.

SHOULD NONREADERS BE CONCERNED

HERE TOO? >> THEY ARE ALREADY CONCERNED.

>> THEY ARE ALREADY CONCERNED.

CDC DID A SURVEY.

THE BIGGEST ISSUE PEOPLE WERE

CONCERNED ABOUT IS HEALTHCARE.

THE ISSUE IS RIGHT NOW WE ARE

LOOKING AT U.S. EMPLOYERS

EXPECTING THEIR GROUP INSURANCE

COVERAGE HEALTH INSURANCE

COVERAGE WILL INCREASE ABOUT 5%

THIS YEAR. THAT IS NOTHING COMPARED TO THE

THAT IS NOTHING COMPARED TO THE

8.5% WE SAW IN THE CONSUMER

PRICE INDEX.

IT IS STILL SIGNIFICANT AS THEY

ARE CONCERNED ABOUT WHAT IS

GOING TO HAPPEN GOING BACK FOR THE ELECTIVE SURGERIES THEY PUT

THE ELECTIVE SURGERIES THEY PUT OFF DURING THE PANDEMIC.

>> PEOPLE ARE RUNNING OUT OF

>> PEOPLE ARE RUNNING OUT OF

THE ABILITY TO SAVE MONEY.

>> MAYBE WE CAN BE MORE STRATEGIC ABOUT WHERE WE PUT

STRATEGIC ABOUT WHERE WE PUT

THE MONEY.

MAKING SURE YOU'RE PUTTING IN

AS MUCH MONEY AS YOU CAN INTO

YOUR RETIREMENT ACCOUNT IS

REALLY CRITICAL.

MANY PEOPLE 50 AND OLDER DO NOT

REALIZE THEY CAN PUT IN AN

ADDITIONAL CONTRIBUTION TO THE

401(K) TO BRING IT TO $27,000

YOU CAN PUT AWAY FOR THE FAX -- FOR THE MAX.

THE OTHER THING TO THINK ABOUT

THE OTHER THING TO THINK ABOUT

FOR HEALTHCARE COSTS RIGHT NOW

AND IN THE FUTURE IS IF YOU

HAVE ACCESS TO A HIGH

DEDUCTIBLE HEALTH CARE PLAN AND

A HEALTH SAVINGS ACCOUNT YOU

CAN CONTRIBUTE TO IT AS WELL. MAYBE THAT IS WHERE YOU PUT

MAYBE THAT IS WHERE YOU PUT

SOME OF THE MONEY IN THAT

ACCOUNT.

IF YOU DO NOT USE IT FOR

HEALTHCARE RIGHT AWAY IT CAN

CONTINUE TO GROW AND YOU CAN

INVEST THAT MONEY AND USE IT

FOR RETIREMENT AS WELL.>> SOME

OF OUR VIEWERS ARE THINKING

ABOUT RETIRING OR QUITTING OR

LEAVING THE COMPANY. WHAT ARE THE HEALTH INSURANCE

WHAT ARE THE HEALTH INSURANCE

OPTIONS WHEN YOU WALK AWAY

>> TODAY IT IS VERY DIFFICULT

TO GET RETIREE HEALTHCARE

BENEFITS.

ONLY ABOUT 4% OFFER THAT RIGHT

NOW INCLUDING TO THE EMPLOYEE

RESEARCH INSTITUTE.

IT IS IMPORTANT TO DO THIS ON

YOUR OWN.

THE OTHER THING YOU CAN DO IS

TO MAKE SURE YOU EXERCISE.

IT IS JUST LIKE THE CLASS THAT

MY MOM GOES TO WHERE EVERYBODY IS TRYING TO STAY HEALTHY AND

IS TRYING TO STAY HEALTHY AND IN SHAPE.